Zurich UK Life delivered a business operating profit of £186m for 2012, up 9% on the previous year, a result Zurich said reflects a focus on writing quality business and controlling costs.
New business value for the UK arm of Zurich was up 28% at £123m, achieved through strong growth in both corporate and individual markets, Zurich said. The UK businesses annual premium equivalent (APE) - where sales are estimated by taking the value of regular premiums, plus 10% of any new single premiums written for the fiscal year - was at £754m, down by 2% on 2011. Zurich said solid APE growth in corporate life and pensions and protection businesses was offset by tough conditions in the retail investment market. New business margin (NBM) was 3.9pts higher at 16.4%, driven by a mo...
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